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Trading Update

12 Jul 2012 07:00

RNS Number : 4820H
Statpro Group PLC
12 July 2012
 



 

 

For Release at 07.00 12 July 2012

 

STATPRO GROUP PLC

("StatPro", "the Company" or the "Group")

 

Half Year Trading Update

Notice of results

 

StatPro Group plc, (AIM:SOG), the AIM listed provider of portfolio analysis and asset pricing services for the global asset management industry, today provides a trading update for the six months ended 30 June 2012.

 

Highlights

·; Trading in H1 2012 in line with expectations

·; StatPro Revolution now has over 100 clients

·; StatPro Seven new sales at similar level to prior year

·; Resilient renewals in H1 2012

 

Trading update

Revenue and profits for H1 2012 are in line with market expectations, with good levels of new business for both StatPro Revolution and StatPro Seven.

 

Group net debt was approximately £3.9 million at 30 June 2012 (June 2011: £5.2 million). This is slightly higher than at December 2011 (£3.4 million) after cash costs in H1 2012 of approximately £0.8 million relating to the restructuring to focus on cloud services (as announced in January 2012), and an increased final dividend.

 

StatPro Revolution

Sales of StatPro Revolution are in line with expectations and have reached their first landmark. With over 100 clients, including 10 fund administrators (who in turn have many more clients), StatPro Revolution is being used actively all over the world. Our sales pipeline continues to grow and we hope to build upon this success and momentum.

 

Since its launch in March 2011, asset managers using the platform have been able to reduce their IT costs and provide dynamic fund performance data to new and prospective clients. Client wins in H1 2012 include: Momentum Investments and Investment Solutions in South Africa; over 20 new clients in the UK, two large European custodian banks, a large custodian bank in Asia and over 20 companies in North America.

 

StatPro now provides StatPro Revolution to ten fund administrators around the world. Fund administrators represent a key market for StatPro as they can act as distributors of the StatPro Revolution service.

 

StatPro Seven

We are pleased to have signed up a number of new clients for StatPro Seven during the period with a recurring revenue level similar to that achieved in the comparable period in 2011, despite the shift in sales focus to cloud services. We also achieved success in signing client contracts for StatPro Seven linked to StatPro Revolution. Our renewal rates remain high and are currently above last year's rate of 92%. Development of Revolution Plus, the cloud-based upgrade path for Seven clients, is progressing well and we continue to expect to launch the first modules in 2013.

 

 

Financing facilities

On 28 May 2012 an agreement was signed with The Royal Bank of Scotland plc to extend our existing facilities until May 2015, with an option to extend for a further two years, subject to customary covenants and terms. The facility is now £10 million (£8 million of which is now available as a revolving credit facility) reducing by £0.5 million tranches every six months to £7.5 million in May 2015. Although the Board remains focused on repaying our debt, this restructured facility strengthens our financial position and provides financing options at a commercial cost and provides more flexibility than the previous arrangement, which was negotiated in early 2009.

 

Justin Wheatley, Chief Executive, commented: "We are pleased with the progress we have made with StatPro Revolution. This truly innovative service is now being used by over 100 companies worldwide, helping them to engage with their clients in an effective and cost efficient way. The twin demands of the market are to reduce costs whilst increasing transparency to restore confidence in the financial services industry; StatPro Revolution can satisfy both needs."

 

Notice of results

The Group expects to report its interim results for the six months ended 30 June 2012 on Wednesday, 1 August 2012.

 

- Ends -

 

For further information, please contact:

 

StatPro Group plc

 

www.statpro.com

Justin Wheatley, Chief Executive

 

020 8410 9876

Andrew Fabian, Finance Director

 

 

 

 

 

Cenkos Securities

 

 

Stephen Keys

 

020 7397 8926

Adrian Hargrave

 

020 7397 8922

Julian Morse (Sales)

 

020 7397 1931

 

 

 

Newgate Threadneedle

 

 

Caroline Evans-Jones/ Hilary Millar

 

020 7653 9850

 

 

About StatPro

StatPro is a global provider of portfolio analytics for the investment community. Our cloud based services provide vital analysis of portfolio performance, attribution and risk for hundreds of fund managers, RIAs, CEOs, heads of risk, sales directors, marketing managers and authorised corporate directors. They are now using our cloud services and software products to perform sophisticated analysis, reporting and distribution every day.

 

With 18 years of experience and expertise, we believe analytics should be sophisticated yet simple and useful as well as secure. StatPro data coverage includes global equities, global bonds, global mutual funds, most families of benchmarks, FX rates, sector classifications and much else besides.

 

StatPro has operations in Europe, North America, South Africa, Asia and Australia and more than 300 clients in 25 countries around the world.

 

StatPro has grown its recurring revenue from less than £1 million in 1999 to £29 million at end December 2011 and currently enjoys a renewal rate of approximately 92%. StatPro floated on the London Stock Exchange in May 2000 and transferred its listing in June 2003 to AIM. The Company has operations in Europe, North America, South Africa and Australia, with approximately 80% of recurring revenues being generated outside the UK.

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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